Compagnie du Bois Sauvage: positive operating result of €8.3 million in first half
Belgian holding Compagnie du Bois Sauvage published interim accounts on September 2, 2026, marked by a return of operating result to positive territory and an increase in intrinsic value.
These figures come as the group implements the strategic refocus announced in early 2026, centered on the Chocolate Division, real estate and a transformation of the industrial division towards private equity.
Operating result of €8.3 million after a loss of €2.8 million a year earlier
Operating result before disposals, fair value variations and impairments stood at €8.3 million in the first half of 2026, compared with a loss of €2.8 million a year earlier.
Group net result reached €11.8 million, against €5.4 million in the first half of 2025. Intrinsic value increased by 4.3% to €925 million, compared to €887 million on December 31, 2025, or €576.5 per share against €552.7 per share.
Full takeover of Jeff de Bruges, Chocolate Division revenue stable
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The Chocolate Division, presented by the group as its core business, was marked by the acquisition of the 34% stake in Jeff de Bruges that CBS did not yet hold, making the group the sole shareholder of Neuhaus and Jeff de Bruges.
Over the semester, the Chocolate Division's revenue remained stable compared to the first half of 2025. The group attributes this stability to what it describes as a temporary slowdown in Travel Retail activities in the Middle East and the effect of heat waves on retail activities in spring, notably in France and Belgium.
Neuhaus opened new sales outlets in Belgium and the United States, entered the Indian market and inaugurated a new production line at the Vlezembeek site. Jeff de Bruges launched the Divins Desserts collection and deployed a new logistics center increasing capacity by 50%.
Positive contributions in real estate, Eaglestone value reduced by €10.3 million
In the Real Estate Division, projects in Portugal (Praça de Espanha) and Poland (Chmielna) as well as the FRI2 and Merep3 funds generated positive contributions of €3.5 million, €2 million and €2.6 million respectively.
Conversely, Fidentia recorded a loss of €1.9 million and CBS revised the value of Eaglestone downwards by €10.3 million, while recording a positive result of €0.4 million (group share) on this holding.
In the Industry and Services Division, the performance of Umicore (+€7.7 million), Ageas (+€1.5 million) and Berenberg (+€1 million) supported results. The sale of Noël Group was finalized at the expected price of $5 million, or €4.2 million, as part of the transformation of this division towards private equity fund investments.
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 109,8 millions d'euros
Quarterly revenue: 109,8 millions d'euros
Net income: 11,8 millions d'euros
Free cash flow: 58,6 millions d'euros
96,6 millions d'euros
Guidance from the release
De Raad heeft vertrouwen in de vastgestelde nieuwe strategische koers, maar blijft voorzichtig wat betreft de vooruitzichten op korte en middellange termijn, gezien de onzekerheden in verband met de algemene economische en geopolitieke context.
Risks mentioned
Geopolitical context disrupted primarily by the war in the Middle East which impacted travel retail sales
Heatwave in Europe which impacted retail sales in France and Belgium
Recovery of business at Eaglestone remains slower than expected, resulting in EUR 10.3 million impairment charge
Opportunities identified
100% acquisition of Jeff de Bruges strengthens ability to support long-term development of both Neuhaus and Jeff de Bruges brands
Neuhaus opened new retail locations in Belgium and US, entered Indian market, and inaugurated new high-capacity production line
Jeff de Bruges launched new Divins Desserts collection and expanded Dubai line to ice cream with new 50% capacity logistics center
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
